Call add by Deepak Asher,Director &Mr.Devansh Jain ED.Highlights Capital Mkt
Sales volume including equipment and turnkey supply, in Q2 FY'16 stood at 212 MW as compared to about 114 MW YoY. Commissioning however stood at 140 MW as compared to 30 MW for Q2 FY'15. There are about 160 MW of wind turbines yet to commissioned and will be commissioned during rest of FY'16.For 6 months ended Sep'15, the sales volume including equipment and turnkey supply stood at 332 MW, an increase of about 84% on YoY basis. For 6 months ended Sep'15, commissioning stood at 218 MW an increase of about 627% on YoY basis.Of the total revenue of Rs 1008.2 crore for Sep'15 quarter, about 92% of revenue came from sale of products and rest from sale of services, as compared to the entire revenue of Q1 FY'15 of about Rs 304.37 crore from sale of products.
During Sep'15 quarter, about Rs 194 MW of orders were added as compared to about 212 MW of orders being executed. About 71% of total order book of 1202 MW is from Turnkey and rest from Equipment supply. About 39.1% of order book is from MP, about 38.3% from Rajasthan, 21.8% from Gujarat and rest from Andhra Pradesh. The order book has an execution time frame of about 12-15 months.The company has sufficient land bank of capacity more than 5000 MW as on Sep'15. The company is in process of increasing land bank in existing States as well as new States like Tamil Nadu. As per the management lot of action is seen from States like MP, AP, and Gujarat in terms of signing the PPA's from wind power while Rajasthan has slowed down. More States are expected to participate.
Orders are from clienteles such as Tata Power, Sembcorp Green infra, Bhilwara energy, CESC, Renew Wind Energy, Ostro Energy, Continuum Wind and PSUs such as GMDC, NHPC, RITES, GACL etc.The Blade plant at MP got commissioned in Sep'15 quarter. The Tower plant in MP is on track and will get commission in H2 of FY'16. The new 100 meter Rotors have higher efficiency and higher energy yields which will result in higher margins for the company. 113 meter turbines which will be launched in H2 FY'16 will also result in higher margins for the company.Ebidta margin for Sep'15 quarter stood at 13.6% as compared to 16% for Sep'14 quarter. Excluding forex fluctuations on like to like basis, Ebidta margins stood at 14.1% as against 15.3% for Sep'14. Lower margins were on account of higher employee costs and site related activities for future upcoming facilities. As per the management, margins are set to improve only from here on.Net working capital days fell to about 148 days as compared to 169 days as on June'15. Lower inventory levels and receivable days together with steady order intake, helped in improvement in working capital days.Government's thrust on Renewable energy continues to remain. RBI notified Renewable energy lending under Priority sector in end of FY'15. Government aims to add about 10 GW of power capacity every year through wind sector.Overall management continues to remain optimistic for rest of FY'16.
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